Solar Panel Cost Guide in Waterville, OH (2023 Update)
- Waterville Solar Installation Cost: $13,715
- 25-Year Savings: $14,416
- Payback Period: 12.2 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Waterville
Find out how much it might cost to switch to solar power in Waterville.
In Waterville, solar panels cost about 2.56 per watt on average. Using this figure, a typical 7.7-kW system would cost about $13,709 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The actual cost of installing solar panels can vary quite a bit depending on multiple factors, such as what size system you need, your energy consumption and what solar installer you go with. Even with the significant upfront cost, the average Waterville homeowner can save around $14,000 on their electricity bills over 20 years, which is one of the advantages of solar.
You can click the button below to get connected with a vetted solar installer in Waterville for a quote for your home.
Solar savings over time in Waterville
| Year | Return on Investment |
|---|---|
| 1 years | $-13,621 |
| 3 years | $-13,434 |
| 5 years | $-13,246 |
| 7 years | $-13,059 |
| 9 years | $-12,871 |
| 11 years | $-12,684 |
| 13 years | $-12,496 |
| 15 years | $-12,308 |
| 17 years | $-12,121 |
| 19 years | $-11,933 |
| 21 years | $-11,746 |
| 23 years | $-11,558 |
| 25 years | $-11,371 |
Top Solar Installers in Waterville
Installing solar panels by yourself can be a time-consuming project, which is why getting a solar installer is a good option for many homeowners. Some solar companies, particularly local ones, can help you make the most of incentives in Waterville, thereby optimizing your ROI.
If you're searching for a solar installer in Waterville, the EcoWatch team has put together a list of our top suggestions here:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Waterville
Factors that Affect Solar Panel Costs in Waterville
There are several factors that can influence your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power generation need better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,560. Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Waterville, where sunlight isn't as abundant, efficiency can quickly pay off. Also, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Most solar companies in Waterville offer solar loans, which reduce your upfront costs of installing a solar system. You'll have to consider the long-term cost of financing options, including the total interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
The solar installer you choose to handle your switch to clean energy can have an effect on your total costs. There are about 3 solar installation companies operating throughout Waterville, and each can charge different amounts for labor and equipment. Additionally, some companies in Waterville have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you more money in the long run.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.66 | $11,182 | $10,871 | 12.7 years |
| 8 kW | $2.61 | $14,623 | $14,782 | 12.4 years |
| 10 kW | $2.56 | $17,920 | $18,836 | 12.2 years |
| 12 kW | $2.51 | $21,074 | $23,033 | 11.9 years |
| 14 kW | $2.46 | $24,084 | $27,373 | 11.7 years |
| 16 kW | $2.41 | $26,952 | $31,857 | 11.5 years |
| 18 kW | $2.36 | $29,676 | $36,485 | 11.2 years |
| 20 kW | $2.30 | $32,256 | $41,255 | 11.0 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Warranty: Warranties that provide coverage for panel repairs and maintenance over a couple decades are the best you can get in the business, and offering such a warranty is one mark of a quality company.
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, longevity and energy efficiency. They will come at different costs as well. The company you choose impacts which solar panel brands you have access to.
- Contract: When looking through your solar installer's contract, ask for clarification about any terms you're not sure of and make sure you understand what happens in scenarios such as a system part breaking or if the company goes out of business.
- Reputation: Long-standing companies likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Waterville, OH Solar Cost FAQs
How much does it cost to install solar panels in Waterville?
The average cost of solar panels in Waterville is about $12,800 for a 5-kW system and $25,600 for a 10-kW system before the ITC, but the real cost will depend on stuff such as the type of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Waterville?
You can't get solar panels for free in Waterville. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd prefer to own your solar panels, you can finance them with a solar loan.
Is making the switch to solar worth it?
Solar panels can be a beneficial investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your power bills are already fairly low, solar panels might not be for you.
How long do solar panels last in Waterville?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount of energy production.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.